SIGNATORY SERIES | WHY WOMEN AND GIRLS SHOULD BE CENTRAL TO #COVID19 RESPONSE MECHANISMS

Jessica EspinozaDEG

As DFI-led initiatives at the forefront of gender-lens investing, our #2XChallenge Working Group and the Gender Finance Collaborative are proud to work in partnership with private sector players to offer a collaborative and gender-sensitive response to the COVID-19 pandemic. We have just released a set of recommendations and call to action in order to ensure that gender dynamics are considered in the COVID-19 responses of DFIs and investors globally.

The COVID-19 pandemic is disrupting global health, economic and financial systems at remarkable speed. Emerging markets are expected to be especially hard hit by the pandemic and its aftermath.

Gendered Impacts of Covid-19

According to the WHO, women represent 70% of health and social workers worldwide. Women are overrepresented among workers at the frontlines of the crisis. Women and girls also shoulder the largest share of unpaid care work (more than three times as much as men), which is increasing as schools and nurseries are closed, and older relatives become ill.

Existing workforce structures resulting in occupational and sectoral segregation (the concentration of men and women in certain types of occupations and sectors) and gender pay gaps globally tell us the economic impacts of the crisis on businesses and global supply chains will also be gendered. Without mitigation, they are likely to have deep long-lasting effects on gender inequality.

Yet despite ample evidence from current and previous crises, women are largely excluded from global COVID-19 decision-making, and current responses are mostly gender-blind.

Call to action

As DFI-led initiatives at the forefront of gender-lens investing, our 2X Challenge Working Group and the Gender Finance Collaborative are proud to work in partnership with private sector players to offer a collaborative and gender-sensitive response to the COVID-19 pandemic. Learn more about our commitment and call to action to ensure that gender dynamics are considered in the COVID-19 responses of DFIs and investors globally.

I’m particularly excited that the Investment Officer Working Group, which I co-lead, will play a key role in developing business solutions with a gender lens as part of our joint rapid crisis response and longer-term solutions for recovery.

The integration of a gender lens by all private sector players to both immediate response and longer-term recovery solutions to the COVID-19 pandemic will be crucial in avoiding disproportionately negative impacts for women and girls. This will also increase resilience to future shocks by contributing to a more equitable and stable private sector.

It is now more important than ever to design gender-smart business solutions. I’ll be happy to offer pro bono advice to companies who want to develop proactive responses to the crisis with a gender lens. Just shoot me a message!